The Idaho Department of Finance is accusing 4 companies of selling fraudulent life settlement investments.
The department has filed a complaint in a state court in Ada County, Idahoa, charging 3 individuals in connection with allegations that they sold fraudulent life settlement investments to more than 40 Idaho residents.
The defendants named in the suit are Jamison Potter, Adam Bentley, Christopher Driscoll, North American Capital Trust L.L.C.; North American Capital Group L.L.C.; Pacific Partners L.L.C.; and Silverstone Equity Group L.L.C.
Idaho officials allege that the defendants operated in Nampa, Idahoa, and in Eagle, Idaho.
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The defendants raised about $5 million after offering monthly rates of return of 10%, with the proceeds being forwarded to out-of-state enterprises, Idaho officials allege.
Idaho has charged the defendants with violating the registration and anti-fraud provisions of the Idaho Securities Act.
Idaho Financial officials allege in their complaint that the defendants misrepresented that their investment proceeds would be used to buy insurance or life settlement policies.